ABSTRACT
The core of the chapter lies in sections 4 and 5. While the earlier sections of the chapter ask 'To what forces was the British economy most sensitive?', the later sections ask 'What forces actually mattered most?' The distinction is important because historical patterns may reflect the result of a modest shock to an economy that was very sensitive to that particular shock, or they may reflect the result of a major shock to an economy that was relatively insensitive to that particular shock. Finally, I turn to an accounting of the Kuznets curve. What were the most important forces accounting for the mid-century turning point (section 5)?
